Entrepreneurship focuses on the strategic allocation of scarce resources to create economic value. Learners examine the three fundamental questions—what, how, and for whom to produce—within various systems, including subsistence economies and the Maldives’ mixed economy.
The unit explores production categories, such as capital-intensive versus labour-intensive methods, and analyzes production types like job, batch, and flow. It also details the division of labour’s impact on efficiency and the law of diminishing returns.
Finally, the curriculum covers the five-step advertising process and promotional strategies used to build brand awareness and customer loyalty in a competitive global marketplace while enhancing modern resource management.
Curriculum
- 4 Sections
- 12 Lessons
- 10 Weeks
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- Section 3.1: Allocation of ResourcesAllocation involves planning the use of available factors of production. To maximize benefits from scarce resources, organisations must address three questions: what to produce, how to produce it efficiently, and for whom the final goods and services are intended.3
- Section 3.2: Economic SystemsEconomic systems determine resource distribution. Traditional systems value heritage, while command systems involve heavy government control. Market economies rely on demand and supply, and mixed economies, like the Maldives, combine private enterprise with state intervention and strategic economic policy.4
- Section 3.3 to 3.7: Production and ProductivityProduction converts inputs into valuable outputs using capital-intensive or labour-intensive methods. Businesses utilize job, batch, or flow processes across primary, secondary, and tertiary sectors. Efficient division of labour increases productivity, though output may eventually face the law of diminishing returns.6
- 3.1Lesson 3.3.1: Capital Intensive vs. Labour Intensive Production
- 3.2Lesson 3.4.1: Methods of Production: Job, Batch, and Flow
- 3.3Lesson 3.5.1: Primary, Secondary, and Tertiary Sectors
- 3.4Lesson 3.6.1: Division of Labour: Efficiency and Disadvantages
- 3.5Lesson 3.7.1: Calculating Productivity and Marginal Product
- 3.6Quiz 30 Questions
- Section 3.8: PromotionPromotion generates awareness and loyalty through strategies like advertising. The five-step advertising process involves setting objectives, deciding budgets, creating campaigns, selecting media, and evaluating effectiveness. This ensures products reach the target audience and persuade them to make a purchase.3
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